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16.04.201907:45 Forex Analysis & Reviews: Technical analysis of GBP/USD for 16/04/2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Overview:

The GBP/USD pair remains locked inside of very narrow zone located between the levels of 1.3122 - 1.3035 and there has been over a month without any important move up or down. The key technical support zone is seen between the levels of 1.2938- 1.12960 and the key technical resistance zone is located between the levels of 1.3258 - 1.3305. The momentum remains neutral and so are the market conditions.

Weekly Pivot Points:

WR3 - 1.3225

WR2 - 1.3177

WR1 - 1.3116

Weekly Pivot - 1.3067

WS1 - 1.3006

WS2 - 1.2961

WS3 - 1.2904

Trading Recommendations:

The best trading strategy for this market for daytraders is to trade the oversold/overbought conditions and support-resistance levels. The swing traders must stay patient and wait for a breakout.

Exchange Rates 16.04.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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